Regulations

Question 1

Administers economic sanctions and embargo programs that require assets and transactions involving interest of targeted parties be blocked or frozen.

Answer 1

OFAC

Question 2

Governs Federal payments made through the ACH Network.

Answer 2

Title 31 Code of Federal Regulation (CFR) Part 210

Question 3

Establishes the procedures for the interbank system of collecting checks and wire transfers and related provisions for settling balances, and transferring funds in the Federal Reserve System.

Answer 3

Regulation J

Question 4

Governs the clearing and settlement of commercial ACH transactions by the Federal Reserve Banks, ODFIs and RDFIs.

Answer 4

Federal Reserve Bank Operating Circular No. 4

Question 5

Governs the basic rights and obligation of consumers and financial institutions for the usage of electronic funds transfer services.

Answer 5

Regulation E

Question 6

Applies only to Government securities issued by the Bureau of Public Debt and made through the ACH Network. These securities include Treasury bills, notes, and bonds, Government savings bonds and any other debt instrument issued by the Bureau of Public Debt.

Answer 6

Title 31 Code of Federal Regulations (CFR) Part 370

Question 7

Specifies the requirements associated with reserves that depository institutions must maintain at Federal Reserve Banks.

Answer 7

Regulation D

Question 8

A comprehensive body of law for wholesale electronic funds transfers. It details the rights and obligations of RDFIs, ODFIs, Originators and Receivers.

Answer 8

Uniform Commercial Code (UCC) Article 4A

Question 9

A banking circular issued to address large-dollar payment system risks. It outlines the policies, procedures, and controls that national banks must have in place for assessing risk associated with various payment systems in which the bank participates.

Answer 9

OCC 2021-49 (comptrollers Handbook)

Question 10

Provides rules for financial institutions that use EFT mechanisms to process Federal Tax payments through the Electronic Federal Tax Payment System (EFTPS). Financial institutions become legally bound to the regulation when they assist in completing Enrollment Form 9779 or initiate or receive a Prenote or live dollar tax payment.

Answer 10

Title 31 Code of Federal Regulation (CFR) Part 203

Question 11

Administers and enforces the Bank Secrecy Act (BSA) and policy to prevent money laundering.

Answer 11

FinCIN, the Financial Crimes Enforcement Network

Question 12

Contains terms for opening, maintaining and terminating a master acct with a Federal Reserve Bank

Answer 12

FRB OC 1

Question 13

Defines ACH processing windows/schedules

Answer 13

Appendix B of the FRB OC 4

Question 14

Applies to funds transfers made through the Fedwire Funds Service

Answer 14

FRB OC 6, and subpart B of Reg J

Question 15

Applies to funds transfers made through the Fednow Service

Answer 15

FRB OC 8, and subpart C of Reg J

Question 16

Contains the terms under which the FRB provides certain settlement services through the National Settlement Service

Answer 16

FRB OC 12

Question 17

Covers International Payment System Risks

Answer 17

OCC BC-235

Question 18

Covers Risk Management of Financial Derivatives

Answer 18

OCC BC-277

Question 19

Covers National Bank Fair Lending Efforts

Answer 19

OCC BC-263

Question 20

Incorporated into IAT entries (and wires over 3K) requires that certain info “travel” with the payment throughout the process.

Answer 20

BSA “Travel Rule”

Question 21

A federal law that protects the privacy of a customer’s financial records from government scrutiny

Answer 21

The Right to Financial Privacy Act (RFPA) of 1978

Question 22

Governs bank deposits and collections, providing rules for check processing and automated inter-bank collections.

Answer 22

UCC 4

Question 23

Intended to protect individual consumers engaging in electronic fund transfers (EFTs) and remittance transfers

Answer 23

The Electronic Fund Transfer Act (EFTA) of 1978